[AMA] I am the founder of BitcoinRewards.com.au, a new cashback site that rewards members with Bitcoin

AssociatedLBitcoinRewards @ BitcoinRewards on 04/11/2017 - 19:54
Last edited 05/11/2017 - 23:18 by 2 other users

Hello Ladies and Gents,

I think cashback rewards are great - but bitcoin rewards are better :)

I am working on a cashback site that works extensively with Bitcoin. I'm based in Queensland and have been involved in the bitcoin scene since 2013. I want to assist in making bitcoin accessible to everyday Australians.

I believe we can help remove a barrier to entry for Australians that want access to bitcoin and other digital currencies. Essentially we plan on rewarding Australians with bitcoin for what they are already doing - shopping online.

I welcome your feedback, opinions and any questions on bitcoin and/or bitcoinrewards.com.au - please note the service has not yet launched, our devs are busy working on the development and the existing domain directs users to a waiting list so we can inform them when we launch.

Regards

Kahn

Introduce Yourself

Related Stores

BitcoinRewards
BitcoinRewards

closed Comments

  • wordplay on 04/11/2017 - 19:56
    +30

    what's bitcoin?

  • AssociatedBitcoinRewards @ BitcoinRewards on 04/11/2017 - 20:01

    Conceived in 2008 and created in 2009 by Satoshi Nakamoto- Bitcoin is the worlds first successful implementation of a decentralised, peer to peer digital currency. Unlike traditional fiat money, bitcoin is deflationary, has a max supply of 21,ooo,ooo coins and currently has market cap of 156.5 Billion AUD. Additional resources can be found at www.bitcoin.com

    • JetBombat on 08/11/2017 - 19:14
      +5

      bitcoin.com is owned by a "murdoch" of bitcoin world pushing his own agenda, I would recommend wikipedia or community website

    • [Deactivated] on 09/11/2017 - 12:46
      +1

      Sorry guys, but I'm going to have to call scam on this one.

      This is because the transaction fee for bitcoin is around $7 USD which is around $9 AUD for a standard transaction to get through in a reasonable amount of time. There is a website that tracks this.

      If you use the old rule of 0.01 BTC per transaction, you get a crappy $70 transaction fee per transfer. However, the rules have been relaxed with miners.

      Anyway, basically your customers are going to get bent over backwards just because you want to create "fake adoption of bitcoin".

      Even if your clients get their $1 after fees, how will they sell that and get out? LOL.

      Lame right?

      Don't create these crappy fraudulent startups which don't add value to the ecosystem please.

      • AssociatedBitcoinRewards @ BitcoinRewards on 09/11/2017 - 13:13

        Thanks for sharing you opinion. I'll forward my reply that I sent to someone that reached out last night on LinkedIn:

        Question:

        "Do you have a plan to mitigate Bitcoin network fees? Or is it just another cost you're factoring in?"

        Answer: "This may be a bit vague, however it is a work in progress and will be a balancing act between minimum payout vs network fee. The higher the minimum payout the less the network fee impacts margins and same in the other direction. I am committed to offering low minimum payouts and will do the best I can to drive this down. I’m monitoring network fees and looking at the best solutions to exploit the tech given the circumstance of the network."

        "At launch we will be offering BitcoinCash followed by other digital currencies a bit further down the track - this will mean the minimum payout for these options should be very low, dollars if not cents with little regard to network fees."

        "Being agile we will do what it takes to meet the needs of the market."

        Based on your very strong (premature) opinions- "scam", "fake adoption of bitcoin", "Lame right" "fraudulent startups" - I don't think there is much I can say to convince you for now - good luck on the scam busts.

      • iDroid on 09/11/2017 - 13:24

        Is this reality though?

        I transferred about $40AUD (0.00406…..) a few days ago and paid $1 AUD (0.000113) in transaction fee, took about 1 hour or so to get 2 confirmations.

        I get similar performance every time I do a BTC transaction.

        Seems doable from my experience.

      • Shwayne on 09/11/2017 - 14:37
        +1

        When the mempool is less full the TX fee is less than a dollar.

        Monitor the mempool here: https://blockchain.info/charts/mempool-size

        You should not be paying more than 20 satoshi per byte.

  • [Deactivated] on 04/11/2017 - 20:03
    +7

    Dude that is one dodgy looking website especially since it has kickofflabs listed on it which is a data collection website… what gives?

  • AssociatedBitcoinRewards @ BitcoinRewards on 04/11/2017 - 20:05
    -1

    Thanks for your feedback - it is purely a launch pad, so when we launch the platform/portal we can begin with a solid database.

  • [Deactivated] on 04/11/2017 - 20:18
    +26

    so when we launch the platform/portal we can begin with a solid database.

    when you launch come back and let us know.

    • AssociatedBitcoinRewards @ BitcoinRewards on 04/11/2017 - 20:23
      +2

      Thanks for your feedback - we think it makes sense to introduce ourselves and let the community know what we're building :)

  • [Deactivated] on 04/11/2017 - 20:23
    +4

    what are some of the shops on your list?

    • AssociatedBitcoinRewards @ BitcoinRewards on 04/11/2017 - 20:25
      -3

      We're working closely with some recognisable Australian names - we'll be releasing more information closer to launch.

      • ninetyNineCents on 08/11/2017 - 20:02
        +8

        in other words basically none.

      • xuuj on 10/11/2017 - 12:37

        What is the number of stores?

  • serpserpserp on 04/11/2017 - 21:29
    +38

    So essentially this is a spam AMA to steal unsuspecting data off people?

      • pennypincher98 on 05/11/2017 - 15:56
        +42

        We don't steal your data. We ask nicely for it first and then we steal it :)

        • [Deactivated] on 07/11/2017 - 15:46
          +14

          This crowd is brutal

      • aoeueoa on 08/11/2017 - 00:31
        +5

        You're launching in less than a month, want us to sign up, say you "respect our privacy", but you don't have ANY Terms and Conditions written yet?

        • AssociatedBitcoinRewards @ BitcoinRewards on 09/11/2017 - 00:06

          Didn't see you comment - sorry for the late reply. The website generates a list of interested parties. You can opt out by selecting the link on your confirmation email (if you've already signed up for notification of launch). At launch feel free to review T&C's - you wont have access to the platform functionality until you've agreed to them.

  • smashed on 04/11/2017 - 22:04
    +24

    Did you just do an AMA as a guise to generate leads..

    • AssociatedBitcoinRewards @ BitcoinRewards on 05/11/2017 - 07:36
      -3

      Thanks for your question. We did and AMA so you could AMA. No one being is forced to sign up, however we hope people might see the benefit in an alternative to cash reward.

    • Hogg on 07/11/2017 - 11:11
      +5

      Tbh that's what that accountant did during tax time and people seemed to respond positively.

  • Maglia Nera on 04/11/2017 - 22:29
    +9

    SPAM

    • AssociatedBitcoinRewards @ BitcoinRewards on 05/11/2017 - 07:36
      +1

      Is that question?

      • D6C1 on 06/11/2017 - 15:00
        +16

        No hes offering you. Now you just need a couple of toast slices and off you go

        • pennypincher98 on 07/11/2017 - 19:51
          +2

          It's half price at Woolies as well tomorrow so the economic side of you doesn't have to suffer :)

    • cornholyio on 09/11/2017 - 14:54
      +1

      SP-AMA

  • cypher67 on 04/11/2017 - 22:46
    +24

    So ask you anything that's not about your business because you haven't really got one operation, nor locked down any solid plans … this is premature advertising

    • AssociatedBitcoinRewards @ BitcoinRewards on 05/11/2017 - 07:38
      -5

      tough crowd :)

  • PVA on 04/11/2017 - 22:56

    What will the minimum payout be?

    • AssociatedBitcoinRewards @ BitcoinRewards on 05/11/2017 - 07:41
      -3

      Hi PVA - the minimum payout would be very low, around $10.00 if using Bitcoin, however users can still accumulate their funds if they don't reach that mark straight away. We plan on offering alternative digital currencies to bitcoin according to demand - for example Bitcoincash will enabale us to send micro payments, effectively meaning all payouts can be made with no minimum.

  • ezz88 on 04/11/2017 - 23:42
    +4

    Kahn,
    How many bitcoin do you personally have?
    Will you be selling pre fork and moving to alts or aud or keeping bitcoin?
    All the best with the business.

      • AssociatedBitcoinRewards @ BitcoinRewards on 05/11/2017 - 08:50
        +2

        *their

  • Agarwal on 05/11/2017 - 00:17

    Are you any relation to Robin?

    • Diji1 on 05/11/2017 - 01:17

      It's Batman!

    • AssociatedBitcoinRewards @ BitcoinRewards on 05/11/2017 - 07:49
      -1

      Wow - never heard that one before. Thanks for your comment.

  • spackbace on 05/11/2017 - 03:03
    +3

    How is that better than straight cash? Bitcoin isn't consistently going up, it's like the share market it fluctuates. You're paying us in a fluid currency VS your competitors offering cash.

    • serpserpserp on 05/11/2017 - 08:42
      +3

      It's better for people to accumulate bitcoin for money laundering purposes.

      • AssociatedBitcoinRewards @ BitcoinRewards on 05/11/2017 - 08:48

        Hi Serpserpserp,

        That's a bit fallacy - bitcoin is not anonymous. Cash would be a better alternative for money laundering. Bitcoin is secure and gives people choice - that's why we like it.

        • serpserpserp on 05/11/2017 - 09:16
          +3

          You can acquire and on-sell bitcoin without providing any ID. It isn't super easy to do, but it is possible. Most definitely not a fallacy.

        • AssociatedBitcoinRewards @ BitcoinRewards on 05/11/2017 - 09:44

          @serpserpserp: Yes - sure, it's possible, however I think if someone wants to perform an illegal activity, they will find a way with any tool. A bit off topic but thanks for contributing to the conversation.

        • TenaciousTom on 08/11/2017 - 14:48

          @serpserpserp: It certainly is a fallacy that bitcoin is used for money laundering purposes. You couldn't be more wrong about it.

          Sure you don't need ID, but that has nothing to do with committing the crime of money laundering. You're just wrong.

    • [Deactivated] on 06/11/2017 - 23:55
      +3

      Bitcoin under 1k at the start of the year. Bitcoin almost 10k today. It’s going up.

  • AssociatedBitcoinRewards @ BitcoinRewards on 05/11/2017 - 08:37
    +4

    Hi Spackbace

    Awesome question.

    It's about giving people choice and access to a new asset class the market hasn't seen before.

    We're not offering a rewards that goes up (we are not financial advisers), but we are offering a reward that never expires (like traditional reward point systems re: Flybuys etc).

    Bitcoin has lots of benefits over cash…

    Bitcoin gives users security and control over their money. It's a push transaction (unlike legacy fiat money), the only way for it to move, is for it to be sent forward - it can never be pulled from your account (bitcoin wallet). So as long as you are in the possession of the private key - you own the bitcoin.

    User identity is protected - meaning the only details we require, are a name, email address and when we launch, a bitcoin address. We don't need your bank account details, id or anything else.

    It's relatively fast for payments and makes no difference where the user is located, they can access their funds at any time from any location.

    It's relatively low cost for payments (and this continues to be enhanced within the digital currency space) meaning we will be able to send values of lower denomination and progression is made - we will offer other choices to bitcoin, such as bitcoincash, we can effectively payout any reward regardless of how low the value is.

    Thanks again for asking solid questions and considering what a rewards system using bitcoin might look like.

  • AssociatedBitcoinRewards @ BitcoinRewards on 05/11/2017 - 11:21

    Hey Guys. Just wanted to let everyone on the thread know, I have raised a questions with the mods to ensure I am being compliant with Ozbargin guidelines (with my introduction). Cheers :)

  • AdamFury on 05/11/2017 - 12:18

    What would be the advantage of using this service over something like CashRewards? For example if I use cash rewards and get my cashback in AUD I can use it to purchase whatever I like (including BitCoin). However I am aware there are a lot of little 1-3% fees surrounding BitCoin all over the place.

    • AssociatedBitcoinRewards @ BitcoinRewards on 05/11/2017 - 14:54

      Hi adamfury - That's a great question.

      The advantage of this service is the fact we remove a barrier to obtaining bitcoin.

      Many people can find it daunting to purchase bitcoin (however there are many good services in Australia, coinjar, getpaidinbitcoin, etc), so if we can offer an additional path without consumers needing to buy it, then we have achieved our objective.

      There are many savvy shoppers using various cash rewards and coupons, we think that a good majority of them will see the merits in obtaining bitcoin without it coming out of the family budget.

  • StingyBritches on 05/11/2017 - 13:06
    +12

    Settling in with my popcorn to watch how this thread plays out…

    • AssociatedBitcoinRewards @ BitcoinRewards on 05/11/2017 - 14:58
      +1

      ¯_(ツ)_/ me too

  • AssociatedBitcoinRewards @ BitcoinRewards on 05/11/2017 - 15:43

    Update: I have edited my introduction to ensure I am compliant with Ozbargin and transparent with the development of my project. Keep the questions coming, it's very beneficial to understand peoples thoughts on bitcoin, rewards systems etc…

  • pennypincher98 on 05/11/2017 - 16:03
    +4

    I'm going to be straight up honest here.

    What are you going to do that's so great it will stop me from getting cash?

    I think there is a small market for people who want a small percentage back from paying in bitcoin. It's way too fluid and unreliable and in addition its not like everywhere takes bitcoin like they take cash.

    My god, I'm starting to sound like shark tank lol

  • AssociatedBitcoinRewards @ BitcoinRewards on 05/11/2017 - 17:19
    +4

    Hi Pennypincher98 - Thanks for the question.

    Here's the thing - I have no desire to stop any one from getting cash. I want to enable people to get bitcoin.

    Bitcoin is desirable for many reasons, but I'll give you the key one: because it is a new asset class and the economic structure of bitcoin is deflationary (fiat/cash is inflationary). The purchasing power of one dollar significantly decreases over a period of time, where as the value of what bitcoin can purchase over time increases.

    Just to clarify the process on our site:

    1. You view the bitcoinrewards portal, find the store you want to shop with - that particular store might be offering a 10% cashback

    2. You click the link, purchase your item using credit card or paypal or however you normally pay through that store.

    3. We then give you the 10% back from your purchase in bitcoin.

    • spackbace on 05/11/2017 - 17:51
      +14

      where as the value of what bitcoin can purchase over time increases.

      Well that's a load of shit.

      Anyone familiar with bitcoin knows its fluid, something that many comments above have acknowledged. Yet you just stated that the value is constantly increasing.

      If you go around on this site claiming that BC is continually increasing, you'll be in for a world of hurt. It's fluid, like the share market it changes daily - sometimes up, sometimes down.

      • AssociatedBitcoinRewards @ BitcoinRewards on 05/11/2017 - 18:32
        -1

        You will clearly see the text I had written to you: "We're not offering a rewards that goes up (we are not financial advisers)" "it's a new asset class".

        If you want to look further into my comment: "because it is a new asset class and the economic structure of bitcoin is deflationary (fiat/cash is inflationary)" - perhaps take the time out to read the bitcoin whitepaper: https://bitcoin.org/bitcoin.pdf -

        In the famous words of Satoshi Nakamoto regarding bitcoin - "if you don't believe it or don't get it, I don't have the time to try to convince you, sorry"

        • apey2000 on 06/11/2017 - 20:17
          +3

          Yeah, very cool saying by Nakamoto-San!

          On the other hand…

          FOREX: if you don't believe it or don't get it, I don't have the time to try to convince you, sorry

          ASX: if you don't believe it or don't get it, I don't have the time to try to convince you, sorry

          Caveat emptor!

        • AssociatedBitcoinRewards @ BitcoinRewards on 07/11/2017 - 10:38
          -1

          Nice try

      • tik tok on 06/11/2017 - 10:03
        +6

        Isn't every asset class fluid ? Anyone familiar with currency markets knows that even the power of cash you have is sometimes up and sometimes down.

    • pennypincher98 on 07/11/2017 - 16:22

      Didn't realised you had replied because you posted a new comment (who does that??) but you still haven't sold me and I doubt you ever will.

      If I wanted a fluid currency I would invest my cash in stocks.

  • spackbace on 05/11/2017 - 18:01
    +9

    It's also worth noting that this isn't your only current bitcoin related business venture.

    Public beta launching Q1 2018 :

    trajans.market is your safe, secure and easy to use e commerce platform, enabled by bitcoin.

    Our mission is simple, to help small and medium enterprises (SMEs) expand their business by marketing their brand and products to consumers within the digital currency economy. 

    We've connected the dots to bring a complete and sound solution for SMEs to list, sell and manage products, manage bitcoin transactions and receive remuneration in local currency.

    And from a look over your past experience, you haven't given more than 2 years into any job, and this is the first business venture you've had.

    Past Experience: welding, and sales/manager for furniture stores…

    Other known companies (like CashRewards) have CEOs dedicated to that company, with teams not working on anything else, so you can generally trust that they will be around for the long haul.

    No one wants to be a customer of a 'side project', especially in a case like this where money is being tied up in an account on your site. If you that side of the company folds, bye bye bitcoin that was sitting in a member's account. Yet you can just continue with the other business.

    I wish you the best of luck, but from the lack of experience, and lack of information, it's a definite no from me.

    • BargainCowboy on 06/11/2017 - 10:54
      +3

      Past Experience: welding, and sales/manager for furniture stores…

      Ouch.

    • Chef-Johnson on 07/11/2017 - 07:59
      +8

      way too much time on your hands attempting to bring others down

      • AssociatedBitcoinRewards @ BitcoinRewards on 07/11/2017 - 11:22
        +4

        ahhh - that's okay - you should have seen what the pipe-liners/welders said when they found out a retail manager was joining them! (Makes Spakbace comment look like child's play) After 12 hour shifts, 28 days swings and 18 months later, they all understood how digital currency worked!

    • pennypincher98 on 07/11/2017 - 19:54

      I wish you all the best with your business, but I'm out.

      Lol this is Shark Tank!

  • AssociatedBitcoinRewards @ BitcoinRewards on 05/11/2017 - 18:23
    +29

    Hi Spackbace - If I had something to hide - you wouldn't be able to reach my linkedin profile.

    If you click further down you'll see that most of the companies I've worked for revolved around retail and the majority of time was spent at a company called Smiths City - I was there for a period of six years. I started on the floor and worked my way up to senior management making a lot of changes along the way.

    I'm not ashamed to have listed that I worked for a welding company and worked my ass off on a pipeline (18 months) walking over 1200KM in rain, sun and dust (over 50 degrees on our hottest days - yikes)- it helped a lot with finances so I could free up my time after the project to concentrate on things I aspire to do. They call that grafting right - hard work.

    I'm happy to have a go - that's the Australian (and Kiwi) spirit and it is where most start ups start, at the beginning. - right?

    This is now my full time project/job/career btw (trajans.market is another project my devs are working on - pretty excited about launching that Q1 2018 - it will connect in with bitcoinrewards.com.au - but thats further down the road!)

    I accept you don't want to participate in my journey and be involved in with the project. That's cool - I wish you all the best doing whatever you do.

    Thanks

  • AssociatedBitcoinRewards @ BitcoinRewards on 05/11/2017 - 18:38
    +8

    On another note:

    I'll be closing off my AMA in 12 hours, it's been a great way to explore the market opinions over the weekend period.

    The questions have been awesome, as it really helps me understand what information people need/want when we launch our site.

    Some criticism has been harsh - but you take it on chin, grow from it and move on.

    Please feel free to AMA further over the next 12 hours.

    Thanks

  • jaackyy on 05/11/2017 - 19:20
    +2

    You state that bitcoin is better for fast payments and the minimum payout will be 10$ .. but bitcoin is probably the slowest cryptocurrency right now.
    It takes about 8 hours to send bitcoin from a wallet to an exchange.. and the cost of transactions is around 5-10$ at least…. sooo where is the benefit in Bitcoin??

    Ethereum for example, takes about 5-10mins to send to an exchange. For wallet to wallet, to anyone in the world, it literally takes less than 1 minute to send and receive funds, and costs about 1cent post-byzantium update..

    If you're trying to promote the speed and low-cost of using bitcoin to send money from anywhere to anyone… bitcoin isn't really the best. Ethereum does that and so much more..

    • AssociatedBitcoinRewards @ BitcoinRewards on 05/11/2017 - 19:32
      +2

      Cool - nice to see someone wanting to engage in the crypto conversation!

      I believe people are most familiar with Bitcoin, hence the name appeared the most solid choice to describe what we will do in two words.

      For sure bitcoin has lost its edge the past few years with congestion and higher fees - however lots of solutions taking place (onchain and off).

      Also depends a lot on the wallet provider that your using and how many confirmations they have enabled (most are six). I'm a big fan of Jaxx and find that I can move funds out almost straight away after one confirmation.

      We wont limit out payouts to bitcoin. Ethereum is great suggestion and it wont be hard to integrate on our end. Also very impressed with the speed of NEO - that thing flys so fast. Bitcoincash also seems to be a contender.

      • jaackyy on 06/11/2017 - 11:21

        Ah okay, thanks for the reply.

        Also just a note, though I haven't been too up to date but I believe Jaxx had a security flaw, which enabled a hacker (if they had access to your network/PC) to extract your 12 word seed phrase quite easily.
        I seem to remember jaxx saying they weren't going to patch this, and so I've moved to Exodus as my wallet now.

        Possibly consider that, as Jaxx may still be flawed. (I could be wrong, and it may be fixed)

        • AssociatedBitcoinRewards @ BitcoinRewards on 06/11/2017 - 12:07

          Hi Jaackyy,

          You make a good point- IMHO Jaxx is suitable as a hot wallet (day to day use). Hardware wallet is best for superior security. I've heard good things about Exodus and know many friends using it.

          There is interview with Anthony Diiorio from Jaxx clearing up some of the misconceptions regarding the security vulnerability - Here is the link if it is of interest: https://www.dashforcenews.com/anthony-di-iorio-clears-jaxx-s…

          I'll certainly make sure we link some great recommendations, tutorials and focus on education as much as possible. :)

    • AssociatedBitcoinRewards @ BitcoinRewards on 05/11/2017 - 19:35

      Also just on that - I was referencing bitcoin being fast in comparison to bank transfer. But again, you are right - lots of great contenders for us to add.

      • gromit on 10/11/2017 - 12:54

        Bitcoin nowadays is often slower than a bank transfer.

  • Bren20 on 05/11/2017 - 19:35
    +5

    How do i know the bitcoin wont be stolen (either by you or hackers)?
    Can i withdraw in cash, or do i have to sell via a third party?
    how do you go about starting up a cashback website? Do you have to negotiate with every retailer, or is there a big bucket of affiliate sites you can link to easily?
    Are you concerned that if you're successful, the larger cashback websites will take your idea, but be able to offer larger amounts?

    overall i like the idea, it's hard to get into bitcoin, but this could be an easy way to enter the market. I'd say my last question is your biggest risk, it seems like it's going to be impossible for you to compete with the big guys who will steal your model if it works (unless you're looking for a buyout).

    • AssociatedBitcoinRewards @ BitcoinRewards on 05/11/2017 - 20:05
      +5

      Hi Dinna89 - thanks for questions.

      How do i know the bitcoin wont be stolen (either by you or hackers)?

      The payments are made by the advertisers (merchants) to bitcoinrewards via bank transfer. We take care of the conversion on users behalf to bitcoin (or whatever other digital currency we enable). The dashboard of bitcoinrewards has a solid tracking function and we will enter rates on site that the bitcoin was purchased at equivalent to the dollar amount of the reward.

      In regards to bitcoin stolen: the funds are not stored on site. You enter your bitcoin wallet address in your user profile and we send the bitcoin as soon as the payment is verified by the merchant (generally after the refund period). As for me steeling your bitcoin - our business would end before it starts and I would go to jail - btw I have no desire to do this. I am not an anon entity, name up the top, and linkedin profile traceable. There has to be an element of trust with 3rd party services connected to bitcoin (such as bitcoinrewards) or any bitcoin related exchange. We will operate under ABN 48 614 357 452 trading as bitcoinreards.com.au

      Can i withdraw in cash, or do i have to sell via a third party?

      At this stage, we think the key point of difference for us over other cashback sites is to focus on payments in bitcoin (and other digital currency) - perhaps we may enable bank transfers down the track if demand is there, but not on the radar at the moment.

      how do you go about starting up a cashback website? Do you have to negotiate with every retailer, or is there a big bucket of affiliate sites you can link to easily?

      We are working very closely with experienced industry professionals. Bitcoin is so new, so we have to win over merchants as well and shoppers - and we are working with right people to help us do this.

      Are you concerned that if you're successful, the larger cashback websites will take your idea, but be able to offer larger amounts?

      This is a good question - I think if we kept the idea to ourselves, we will never gain any traction. You have to be prepared to put yourself out there. I truly think it will be common practice for other reward sites to adopt digital currency in the future. However we are proud to be the first to take the leap. I am very familiar with Bitcoin and the crypto space, and with such a fast moving industry you have to have your finger on the pulse and give the right information to the users. I feel very confident to do this and have a strong enough background to identify others level of knowledge in the space. I've also got some solid connections in the bitcoin industry that are really interested in what we are doing.

      Overall i like the idea, it's hard to get into bitcoin, but this could be an easy way to enter the market. I'd say my last question is your biggest risk, it seems like it's going to be impossible for you to compete with the big guys who will steal your model if it works (unless you're looking for a buyout).

      Thanks for your great comments - I like the idea too! In regards to competing, like I mention above, I have some very strong connections in the bitcoin industry and we can remain advanced with our tech - but the idea is to keep it simple at the start. I admire what some of the competition are doing - I truly do, however the aim is to focus on what we are doing, and doing it well, remaining engaged and being prepared to put up with the critics until we prove we are the real deal!

      • Bren20 on 05/11/2017 - 22:04

        i don't really understand the bitcoin industry, but hopefully your silver bullet/expertise is effective.
        unless there is an easy way for customers to sell the bitcoin, this is likely to stay a niche product. It would be good if a bitcoin wallet could be integrated into the site (optionally), and you can cash out whenever through the site.

        • AssociatedBitcoinRewards @ BitcoinRewards on 05/11/2017 - 22:16

          Your questions have certainly increased my desire to begin some medium blogs now - at the minimum it would be great to educate more people on the benefits of digital currency and the things you can do with it (without needing to convert it back to fiat/cash).

          I've considered the option of adding a bitcoin wallet to the site - again, not out of the question - however security and gaining trust of future users is a big thing for me - so I think we are best to let users supply their own bitcoin wallet (they just enter the string of letters and numbers refereed to as a public address). We can also make recommendations on good wallets from reputable sources (such as https://jaxx.io/) and educate users how to set them up.

          Your suggestions (and contribution) to the thread has been great - really appreciated!

  • justwii on 05/11/2017 - 20:17
    -5

    OK wait, so you are setting up a site that gives out cryptocurrency to members.
    Then your funding comes from participating stores, who give you real cash.
    Money laundering???

    • AssociatedBitcoinRewards @ BitcoinRewards on 05/11/2017 - 20:20

      What part of this do you define as money laundering? There is misconception with bitcoin and money laundering. Australia has recently removed the double taxation from bitcoin purchases. We will pay tax to the govt on our profits. No money laundering.

      • justwii on 05/11/2017 - 20:34

        Well there is no real ID check on "owning" bitcoins, so essentially we do not know who were the rightful owner of those bitcoins, it could be obtaining by hacking others digital wallets. This is not the main point though.

        The real ID check is when someone try to cash out the coins. Definitely a hacker will not want to use his own identity to cash out from an exchange, no matter how small the amount is, it still becomes traceable.

        Then comes the idea of giving out bitcoins to a large amount of people as rewards and ask shop owners to pay in cash for this service.

        • AssociatedBitcoinRewards @ BitcoinRewards on 05/11/2017 - 20:54
          +1

          Sorry dude - you lost me.

  • AssociatedBitcoinRewards @ BitcoinRewards on 05/11/2017 - 20:22

    Have to whip out and return my DVDS (watched Zookeepers Wife - great movie) - back soon if you have any more questions :)

    • PAOK11 on 05/11/2017 - 21:29
      +9

      very sus, who returns dvds these days hrmmmm

      • AssociatedBitcoinRewards @ BitcoinRewards on 05/11/2017 - 21:31
        +7

        lol - well I could have run with the pirating, hacking, money launderer angle.

        • pennypincher98 on 07/11/2017 - 19:58

          Apparently justwii thinks you are already money laundering so whats the diff :D

    • frewer on 06/11/2017 - 00:49
      +4

      I read Zoolander's wife, then search for a trailer. Looks great, just a movie for me.

  • StingyBritches on 05/11/2017 - 21:09
    +3

    …I'll heat up some more popcorn…

    • pennypincher98 on 07/11/2017 - 20:00

      I swear your last 10 comments have all been about settling in with popcorn and seeing how this pans out lol :D

  • [Deactivated] on 05/11/2017 - 22:08

    Welcome to OzBargain, Parker https://www.youtube.com/watch?v=PtBG1Uqg9_w

    • AssociatedBitcoinRewards @ BitcoinRewards on 05/11/2017 - 22:19

      ? ¯_(ツ)_/¯

  • AssociatedBitcoinRewards @ BitcoinRewards on 05/11/2017 - 22:33
    +1

    Anyone new to bitcoin - what would you like to see in a blog post (about bitcoin)? - what do you know about it? What don't you know about it? What are the good things you have heard/read? What are the bad things you have heard/read? Have you ever purchased it? Have your friends ever purchased it?

  • StingyBritches on 05/11/2017 - 22:40
    +1

    What is the air-speed velocity of an unladen swallow?

    • AssociatedBitcoinRewards @ BitcoinRewards on 05/11/2017 - 23:01
      +3

      11 meters per second - I would like to say I knew this, I did not - I used the almighty data stealing oracle (no, not me), known to some by the name of Google.

  • frewer on 06/11/2017 - 01:26
    +1

    I like the idea, the spirit and the attitude. I'll watch your site closely.

    • AssociatedBitcoinRewards @ BitcoinRewards on 06/11/2017 - 01:29

      Hey Frewer, thanks for your positive comments. Nice way to end to night!

  • GregMonarch on 06/11/2017 - 02:54
    +1

    Didn't read the entire thread. But if the bitcoin 'became ours' immediately, was linked to us, instead of kept in an account managed by you until we actually withdraw it, then people would jump on-board quicker. I would anyway. Because while I like the idea of making money when the value of bitcoin goes up, I don't have the time to research it all. But I do have time to just leave a few $ refund sitting there until I hear bitcoin has gone up x% in value, and withdraw it to make a profit. If on the other hand it crashed, I haven't 'lost' much. So the risk to gain ratio is pretty small.

    • HeavenlyHammocks on 08/11/2017 - 01:26

      It would be unwise for him to pay out immediately, as he would be defrauded by people making purchases, getting their 10% commission immediately, then refunding/cancelling their purchases. That's why CashRewards takes like 30+ days to release the money.

      • GregMonarch on 08/11/2017 - 01:45

        Fair enough, but I just mean not leave the bitcoin sitting there adding up. (I'm thinking we'd lose it if the site went belly-up.) e.g. I have a couple of hundred with CR I think, but I keep forgetting to transfer it. I only remember when I buy something else, and then I think, "I may as well wait until after that cashback clears too." I'd prefer bitcoin automatically transfer every time it reaches $x. It probably wouldn't stop me using it though.

        The main deciding factor if I used this or not, would be if the bitcoin was less/same/better than the value CR gives. And of course, if CR started offering bitcoin as a withdrawal method, there would be no 'mass-exodus' from CR.

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